Real Estate Trends – North Reading, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report. For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions. We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Market Trends in North Reading, MA – March 2015 and 2016:

The North Reading, MA market has fallen off some since last year. The average prices were down and the median prices were down even more. Also the days on market were up quite a lot. Inventory was stable with 9 sales in March of 2015 and also in March 2016.

Average Listing Prices:

We will first start off by looking at the average listing price. In North Reading, MA the average listing price in March 2015 was $504,944. This was down to $456,933 in March 2016. This gives a sizable decrease of 9.51% year over year.

Looking at the median prices we see that it was quite a bit lower in both years. For March of 2015 the median listing price for North Reading, MA was $459,900 and in March 2016 it was $419,900 which now gives a slightly smaller decrease of 8.70%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices. The average sale price for in North Reading, MA in March of 2015 was $491,211 and in March 2016 that was down to $453,989. That gives a bit smaller decrease of 7.58% compared to the average list price.

We see the same pattern that we did with the listing prices here for the median sale prices. For March of 2015 the median sales price for North Reading, MA was $465,000 and in March 2016 it was $419,000 giving the largest decrease of the four at 9.89%.

Prices are down a bit in North Reading, MA in March. The overall range for the four metrics is fairly small going from about 7.5-10%. There is not any real pattern to the changes, as in for example the medians are not both higher than averages. Therefore there is not any real reason to discount any particular number or set of numbers. Overall the median sales price was a little higher than any of the others and since this would be considered the most important of the numbers we would conclude that prices are down closer to the top of the range.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market. For North Reading, MA the average days on market in March of 2015 were 76.89 and the average days on market for March 2016 were 126.33 for a huge 64.30% increase.

North Reading, Massachusetts Summary:

The North Reading, Massachusetts real estate market is down a good amount since last year. The average prices were down a lot with the median prices being down by an even more overall. The days on market were up substantially as well further supporting the conclusion of a market decline.

In summary if you are looking to sell a house in North Reading, MA now you should expect to get less for it than you would have gotten last year. You can also expect it to take a much more time to sell compared to last year as well.